somehow the MWC wielded such great market power that the Pac-2 had no other reasonable choice but to enter into the scheduling agreement with the MWC.

That is ridiculous on its face: The first most obvious other alternative available to the PAC 2 at the time: Ask to join the MWC on an expedited basis. For expedited joining of the MWC, the MWC would basically make the same scheduling adjustments like they did for the scheduling agreement. Other possible alternative that the PAC 2 had besides entering into the MWC scheduling agreement - fill out their football schedules with random teams, just like BYU had to when they started their independence journey.

Looks to me like on the facts the PAC-7 have a losing case here.